Discretionary Interest By-Law

Discretionary Interest By-Law The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g)a and subsection 14(2.4)b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Discretionary Interest By-Law. R.S., c. 18 (3rd Supp.), s. 51 S.C. 1996, c. 6, s. 26(3) December 4, 1996 In this By-law, Act means the Canada Deposit Insurance Corporation Act. Where, following the making of a winding-up order in respect of a member institution, the Corporation decides to make an interest payment pursuant to subsection 14(2.4) of the Act in respect of a deposit insured by deposit insurance, the Corporation shall employ the simple annual rate of interest that applies to Government of Canada treasury bills with a term of approximately three months, as established at the last Bank of Canada auction preceding the date of the winding-up order. [Repeal] This By-law comes into force on December 5, 1996.